You may establish a property control trust in numerous different situations, including, the following five:
First of all, you might want to restrict the beneficiaries access to his or her inheritance, because you believe that they can not responsibly handle money. You can establish a spend thrift trust to assist with this.
The second reason to use a property control trust is to help pay for a child’s college or other schooling cost. You may also wish to establish a special needs trust for a person who has a disability and who’s government benefits you want to protect. Special needs trusts require careful consideration and protection on the part of the beneficiary.
The fourth reason to establish a property control trust is because you want to establish a trust that allows a trustee to determine how the property will be distributed to adult beneficiaries.
Property has to be officially titled into the trust in order for you to reap all the benefits of trust ownership. Failing to transfer property into the trust could mean missing out on advantages or allowing creditors or someone who files lawsuits to access the very property you sought to protect.
Finally, if you want someone else to decide what will happen to a portion, or all of your property after death, you can do this with establishing a power of appointment. Contacting an experienced and knowledgeable estate planning lawyer is necessary if you have concerns about how to use a property control trust, and other estate planning strategies to accomplish your individual goals.